BSP says banks can’t hike ATM fees without approval

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Tuesday assured the public that banks’ charges on automated teller machine (ATM) transactions will not be increased without its approval.

In a statement, the BSP said it will examine each request and decide if the adjustment in ATM fees is warranted to cover the cost of maintaining the ATMs.

“Should an increase be necessary in order for banks to continue providing ATM services to the banking public, the BSP will ensure that the increase will be reasonable,” it said, adding that adjustments will adhere to pricing principles provided under BSP Circular No. 980 dated 6 November 2017.

The BSP made the statement after concerns on a possible increase in ATM fees following the lifting of the six-year moratorium in charge hike this year.

Makati Rep. Luis Campos Jr. earlier sought an inquiry into the possible increase in ATM charges amid concerns that banks would jack up charges by as much as 50 percent based on the rates they proposed before the moratorium was implemented in 2013.

“The BSP assures the public that its policy on ATM fees is guided by best industry practices and that it is driven with the broader welfare of consumers in mind,” it said.

“Towards this end, the BSP has issued regulations that require banks to adhere to the principles of reasonable and market-based pricing in their ATM operations. As such, banks cannot increase the ATM fee on their own,” it added.

The BSP said that any bank that intends to adjust ATM fees must file a request indicating their proposed fees, as well as the costs currently incurred by the bank with respect to its ATM activities.

The central bank said the costs declared should be “clear, properly supported,” and maybe validated by the BSP when deemed necessary.

The BSP also disallows the imposition of set fees arising from agreements between market participants.

In any case, the BSP said fees should be lower than the charges collected from transactions made over-the-counter (OTC) and comply with transparency in pricing.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Wednesday said it has relaxed the requirement for the presentation of a valid identification document (ID) for customer boarding and select transactions during the enhanced community quarantine period in Luzon.

In a statement, the BSP said this is to facilitate the delivery of welfare funds to identified beneficiaries who have no available valid IDs or transactional account with any financial institutions.

“The Bangko Sentral relaxed the Know Your Customer (KYC) requirements since the accounts involved are considered as low risk,” it said.

The policy is effective until June 30, 2020, the central bank said.

Under the relaxed KYC requirements, the BSP said it has introduced the following control measures to guard against money laundering and terrorism financing risks:

the transactions in the account shall not exceed P50,000.00 per day;

qualified customers are those who reside or conduct business in the area which has been declared to be under ECQ/CQ;

customers are required to certify that he/she has no valid ID; and

the customer’s account activities shall be subject to ongoing monitoring.

“Financial institutions are expected to obtain the required minimum information from the customer and perform risk-based customer due diligence,” the central bank said.

“The relaxed KYC requirements apply to both over the counter and electronic or online transactions,” it added.

The BSP said the move is part of its initiatives to ensure that Filipinos have continuous access to basic government and financial services amid the COVID-19 situation.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Saturday urged the public to use e-banking and digital payment services amid the threat of novel coronavirus disease (COVID-19) in the country.

In a statement, the BSP said the use of digital banking enables the public to carry out needed financial transactions safely amid this public health crisis.

The central bank also assured that the banking industry will continue providing essential services to its clients, and that banks have activated their business continuity plans that aim to ensure deposit-taking, ATM withdrawals, check clearing, and other banking activities.

“The coronavirus outbreak is a public health crisis, not a financial crisis. Depositors are advised to remain calm as the banking system has the ability to serve all withdrawals within a reasonable period,” it said.

The Bangko Sentral ng Pilipinas (#BSP) assures the public that the banking industry shall continue providing essential services to its clients pic.twitter.com/Hm1ZX3F6Mb

The BSP also said it is closely coordinating with the Bankers Association of the Philippines, Chamber of Thrift Banks and Rural Bankers Association of the Philippines for the industry’s current cash requirements.

“In addition, payment settlements continue to be performed through PhilPass,” the central bank said.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Thursday announced it will temporarily suspend work and close its offices for two days to facilitate disinfection of its premises amid the spread of novel coronavirus disease (COVID-19) in the country.

In an advisory, the BSP said work at its head office and the Security Plant Complex has been suspended for Thursday, March 12, and Friday, March 13.

“The BSP, however, shall continue normal open market and Philpass settlement operations as well as the servicing of cash withdrawals by banks at the SPC,” it said.

The central bank’s move comes after its top official, Governor Benjamin Diokno, announced he will undergo a self-quarantine over concerns of exposure to the virus.

In a tweet Thursday, Diokno assured he is well and has not exhibited symptoms of novel coronavirus.

“I am glad to share that I am well & not manifesting any symptoms, although I decided to go on self-quarantine as a precautionary measure,” he said.

I understand the concern about the exposure to COVID-19 of government leaders, including the Governor of the Bangko Sentral ng Pilipinas.

I am glad to share that I am well & not manifesting any symptoms, although I decided to go on self-quarantine as a precautionary measure.

Diokno was among the government officials who attended the inspection of the North Luzon Expressway (NLEx) Harbor Link C3-R10 section last week with President Rodrigo Duterte, Finance Secretary Carlos Dominguez and Transportation Secretary Arthur Tugade.

Dominguez and Tugade earlier said they will go on self-quarantine as a precautionary measure after contact with an infected individual.

Malacañang also announced Thursday that Duterte will get tested for the virus even if he has shown no symptoms.

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